United States President Donald Trump has withdrawn his proposal for a 20% reimbursement fee linked to the Strait of Hormuz for Gulf states and has instead called for large-scale investment in the United States.
Trump says US will impose full blockade on ships
In a statement on Truth Social, Trump said the United States would impose a full blockade on ships travelling to and from Iranian ports or carrying Iranian cargo. He said Iran's leadership was taking the country towards destruction and blamed it for the current tensions.
Trump said Gulf states would replace the proposed 20% fee with trade and investment agreements in the United States. He said the new investments would be substantial and would support factories, plants and equipment across the country, creating millions of well-paid American jobs.
He praised Defence Secretary Pete Hegseth, Chairman of the Joint Chiefs of Staff General Dan Caine and Admiral Brad Cooper for their role in keeping the Strait of Hormuz open to all shipping except vessels linked to Iran.
Trump said oil shipments were moving more freely than ever because of the actions of the United States military.
He also repeated that Iran would never be allowed to obtain a nuclear weapon.
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